ASIC has written to the directors of Youpla Group (formerly known as ACBF Group Holdings Pty Ltd) to ask them to take immediate and public action to address concerns about the financial viability of ACBF 1, ACBF Plan and ACBF Community.
The directors of Youpla Group have advised ASIC that they intend to make a public statement today regarding the financial position of each of ACBF 1, ACBF Plan and ACBF Community.
ASIC is concerned to ensure members of the relevant funeral funds and their representatives have up to date information to make informed decisions.
ASIC's action follows the entry into liquidation of another of the Group's entities, the Aboriginal Community Benefit Fund No 2 Pty Ltd (ACBF 2) on 2 March 2022. The funeral policies of members of ACBF 2 have now ceased.
ASIC appreciates that the ongoing uncertainty about the future of the Youpla Group is causing distress for the Aboriginal and Torres Strait Islander peoples and communities affected.
ASIC is concerned about members of ACBF 1, ACBF Plan and ACBF Community continuing to pay premiums when they may get little benefit from these products in the future.
ASIC and NSW Fair Trading will meet with consumer representative groups today to provide an update on the current situation.
More information for affected consumers can be found on asic.gov.au.
